Cathie Wood said she’s more optimistic than pessimistic about China in the long run.
“I’m not pessimistic about China longer run because I think they’re a very entrepreneurial society,” the head of Ark Investment Management said in an interview on Bloomberg Radio Tuesday. “Sure, the government is putting more rules and regulations in, but I don’t think the government wants to stop growth and progress at all.”
“What I will say, though, is I’m a little more optimistic about the United States and other economies, so it’s more of a relative sort of thing,” she added. And the more insular China becomes, the less competitive it will be in areas such as artificial intelligence.
Data overnight showed that Ark’s Autonomous Technology & Robotics ETF (Ticker ARKQ) bought ADRs of JD.com on Monday after the firm sold Chinese stocks for months amid Beijing’s clampdown on private companies.
Wood said the firm sorted through Chinese companies to see which ones are doing things the government likes, and is now consolidating positions in firms that are focused on groceries, logistics and manufacturing. Logistics is a big part of JD.com, she said.
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